Charters & Licenses
Where stablecoin issuers get licensed
The bottom line: Stablecoin issuance requires different license types depending on jurisdiction. Some offer dedicated stablecoin frameworks; others route issuers through existing banking, e-money, or payment services pathways. This map shows which charter and license types are available, active, or proposed in each jurisdiction.
Choose license type
License Types
Six charter and license categories
OCC National Trust
What it is: A federally chartered national trust bank supervised by the OCC. Why it matters: Grants stablecoin issuers bank-equivalent powers — custody, settlement, and reserve management — without state-by-state licensing. Three conditional charters granted since 2021 (Anchorage, Protego, Paxos).
State MTL
What it is: State-level money transmitter licenses issued individually by 48 states, DC, and US territories. Why it matters: The de facto US pathway for most stablecoin issuers today. Requirements vary widely: surety bonds from $25K to $7M, net worth minimums, and individual state examinations.
EMI / MiCA
What it is: Electronic Money Institution authorization under the EU's MiCA regulation (or legacy EMD2). Why it matters: MiCA Title III creates the first supranational stablecoin regime. One EMI license → passporting across 27 EU member states + EEA. €350K minimum own funds, 1:1 reserve backing, redemption at par.
PSA / DPT
What it is: Payment services or digital payment token licenses under national payment system laws. Why it matters: Jurisdictions like Singapore (MAS PSA), Japan (JFSA PSA Amendment), and Switzerland (FINMA DLT Act) regulate stablecoin issuance through payment infrastructure, not banking law.
Stablecoin-Specific
What it is: A dedicated stablecoin licensing regime purpose-built for fiat-referenced token issuance. Why it matters: The newest category. The US GENIUS Act, Hong Kong Stablecoins Ordinance, Singapore Stablecoin Framework, and UAE ADGM FRT rules all create bespoke requirements: reserve composition, redemption timelines, attestation cadence.
VASP Registration
What it is: Virtual Asset Service Provider registration required for crypto exchanges, custodians, and transfer services. Why it matters: While not stablecoin-specific, VASP registration is the most common regulatory touchpoint globally. FATF Recommendation 15 drives adoption. Required in 40+ jurisdictions for any entity handling stablecoins.
Methodology
How this map is maintained
What we track: Each jurisdiction is mapped to the charter and license types available for stablecoin issuance or distribution. Status is classified as Active (enacted and enforceable), Available (framework exists but limited adoption), or Proposed (in consultation or draft legislation).
Go deeper: Select a license type above to see where it applies. Hover over any highlighted jurisdiction for authority, notable licensees, and effective dates. Jurisdiction detail pages contain full regulatory analysis.
Sources: OCC Interpretive Letters, MiCA Regulation (EU) 2023/1114, MAS Payment Services Act, HKMA Stablecoins Ordinance, VARA regulations, JFSA PSA Amendment, national financial authority publications. Updated quarterly.